Hole in the Whole

Thank you for joining us for episode 16 of the Hole in The Whole Podcast. Today Yana and Tom discuss filters in business conversations. Yana thinks It can be a sticky situation if an employee feels like they are being chastised and get their feelings hurt. Tom believes that people with thin skin have no business being in the FinTech startup world.

Tom and Yana give their views and opinions on the topic of filters, and you don't want to miss what they say. If you enjoy this episode, please share it with friends and leave comments.

Today's Episode:

• [01:09] Welcome to the show!!
• [01:31] Yana gives examples to illustrate how it can play out in business decisions.
• [02:50] Tom says it's unbelievable that she couldn't provide feedback to an employee because the employee felt like she had too much authority.
• [04:13] If people are thin-skinned, maybe they shouldn't be in the FinTech world.
• [04:40] Yana thinks that perhaps there are times to moderate your language.
• [05:37] Tom believes you can deliver a clear and hard message without being personally hurtful to anyone.
• [06:46] Yana says it has been suggested to her more than once that she should be careful with expressions when dealing with jr employees.
• [08:12] Tom thinks there are two sides to this; he doesn't believe there is a situation with no filters.
• [09:13] Yana wants to explore the concept a little more with fact-based or data-based information.
• [09:59] Do you have someone trying to implement something that works for them but won't work for the whole company?
• [11:18] Can you differentiate when you can be more blunt and direct as opposed to when you catch yourself moderating the language?
• [12:32] The recommendation is that feedback has to be where you compliment the person then give them constructive criticism. Tom says that it doesn't work in the FinTech world.
• [13:27] Yana shares an idea that she has had for a long time.
• [14:41] Tom says that the startups that succeed are the ones that play hardball, you can't be successful and be politically correct.
• [15:53] How would you identify a person who isn't ready for this type of experience? How would you prepare the newcomers to go through this experience?
• [17:27] Yana says when she interviews newcomers, almost 90% of them say they are ready when they are not.
• [18:47] Tom chats about the two questions he asks in an interview to see what their degree of hardness is.
• [19:39] Filters are not the problem in and of themselves; it's more about how do they help or prevent you from achieving your goals.
• [20:29] Yana says it's not about filters; it's about whether you get the results you want.
• [21:01] They end with agreeing about filters!  See you next time.

Show links:

• How to get in touch with us, if you'd like to tell your startup story: Yana on Instagram, Tom on LinkedIn

Welcome to episode 15 of the Hole in The Whole Podcast. Tom and Yana discuss how emotions can affect us in our business life. Even though we try to master our emotions, we still somehow end up being ruled by them. It's been suggested that about 80% of  commercial decisions are based on emotions, and about 20% are fact-based, yet we spend about 95% of our negotiating time getting the facts straight. Listen in as they give their insights as to why a business should be based on both emotions and facts (at least) equally.

Tom and Yana give their views and opinions on this topic, and you don't want to miss what they say. So plug in, sit back, and be sure to share your comments.

Today's Episode:

• [00:25] Hello, we are back!
• [00:31] Tom speaks about how emotions can affect business.
• [01:19] Yana says it is unjustifiable for emotions to play such a significant role in business.
• [03:01] Tom thinks that in an ideal world, facts would rule.
• [03:40] Yana tells us about a conversation she had with one of her students.
• [05:37] Tom speaks about the difference between a fintech and dinosaur financial services where it comes to audits and budget allocation 
• [06:26] Tom speaks about a Sam Harris podcast episode that he listened to recently.
• [07:40] What if somebody has the instincts to act a certain way? Yana gives an example of what she means.
• [09:15] Yana gives us her thoughts on what business responsibility means to her.
• [14:19] Tom chats about a basket case example that they have that is similar to Yana's.
• [18:29] Yana says that this takes us back to how emotion doesn't belong in business.
• [23:51] Tom wishes the listeners some emotional holidays.
• [24:00] Yana wishes the listeners a very emotion-less holiday.

Show links:

• How to get in touch with us, if you'd like to tell your startup story: Yana on Instagram, Tom on LinkedIn 

In this episode Yana speaks with Varun Mittal, head of EY FinTech practice and a co-founder of the Singapore FinTech Association, about what happened in 2019 and what he sees happening in 2020. Varun is the Global FinTech leader at EY, covering technology and business models in financial services across ASEAN.

Yana and Varun discuss the most important trends that shifted the FinTech industry in 2019, the difference between the US, Asian and European markets and the impact of trade wars. How FinTech moves from mania to maturity and takes blockchain along for the ride is another fascinating topic Varun covers. So plugin, sit back, and be sure to share your comments.

Today's Episode:

• [00:47] Welcome to the show!
• [02:28] Varun shares a little of his background and credentials.
• [03:26] What is something that happened in 2019 that was very important?
• [05:01] Varun speaks about business models he has seen lately and what they are showing.
• [06:32] What geographic differences stand out in geographical markets?
• [07:48] Varun discusses digital market innovations and fragmented asset management and wealth management in Asia.
• [11:01] Do you believe that WealthTech will be able to provide better returns?
• [14:34] Is market growth happening in other parts of the world?
• [16:00] Varun believes that retirement planning and pension tech will grow in 2020. Because there are more people close to retirement because they are living longer.
• [19:24] Are the regulators seeing what is happening? Are they preparing?
• [20:33] Varun says that there are a lot of areas that are running inefficiently.
• [22:59] What factors make it challenging to expand and grow geographically?
• [26:46] Varun says that the unit economy is starting to make sense in some areas.
• [28:45] One of the critical things for short alliances is what is your end game, are you in it for a quick flip?
• [29:56] Varun talks about what he sees happening with Blockchain in 2020.
• [32:56] Thank you so much for coming to the show Varun!

Show links:

• How to get in touch with us, if you'd like to tell your startup story: Yana on Instagram, Tom on LinkedIn , Varun MIttal on LinkedIn

How do you know that you add value to your clients over time and what  can you do if your sales cycle gets longer and more difficult? Why it's important to look deeper beyond the usual "I don't have the time and money now" excuses, to really understand  why customers don't buy? Finally, should you worry about competitors?

Tom and Yana give their views and opinions on these questions, and you don't want to miss the answer. So plugin, sit back, and be sure to share your comments.

Today's Episode:

• [00:46] What's up, everyone!
• [01:11] Tom equates startups and value adds to Mario Kart.
• [02:17] He talks about examples of new angles.
• [03:01] What would be the signs that you should pay attention to that your clients might think something is off?
• [04:21] Are your clients fragmented? Is it hard to read the room?
• [05:14] Yana says she can see the value of talking to the clients that don't buy from you. She tells a story.
• [07:43] What do you need to offer them to keep most of your clients happy?
• [09:10] Tom wants to know if any startups have tried what they are talking about.
• [10:36] When do you pivot in your product or sales environment?
• [12:02] Find your niches and see if it is easier to get introductions.
• [13:48] Tom discusses wealth management.
• [15:59] Why would sales negotiations fail? What would be the right strategy?
• [17:30] People always make excuses, why not to buy your product.
• [18:55] How do you uncover the real reason people are saying no?
• [20:00] Tom likes it when time is the problem because you can change their mindset.
• [21:49] You must overcome perceptions, or the client will never buy what you are selling.
• [23:56] How do you go about reinventing what you have to offer?
• [25:47] In the U.S, it is acceptable to sit down with your direct competitors, not so much in Europe.
• [28:39] Thank you for tuning in!

Show links:

• How to get in touch with us, if you'd like to tell your startup story: Yana on Instagram, Tom on LinkedIn 

Today we talk about the startup Bermuda triangle: Many StartUps vanish in the confusing storm of speed, disruption, and scale. A lot of times, when we meet courageous young founders or developers that try to make it with their baby startup, they want to know what is the most important of those three aspects. Having a disruptive quality of the idea, being able to scale it out fast and in a truly global fashion or getting up to speed and execute as quickly as possible.

Tom and Yana give their views and opinions on these questions, and you don't want to miss the answer. So plugin, sit back and be sure to share your comments.

Today's Episode:

• [00:46] Hi Everyone!
• [01:04] Tom talks about the topic of this episode.
• [01:30] Yana wants to know at what point startups start asking these questions.
• [03:07] How do you apply these disruptive parameters to companies today?
• [04:31] Tom talks about disruptive markets and companies that have excelled at it.
• [06:30] How disruptive would you consider?
• [07:00] Yana defines disruptive and how it applies to this discussion.
• [08:08] Central banks are policymakers and shouldn't serve the people.
• [09:23] Tom believes that the development happening in Africa and South America is because people now have access to FinTech.
• [10:16] Tom talks about subsidies being pumped into areas where it isn't needed.
• [11:14] Scaling shouldn't be a core priority; Yana gives examples.
• [12:05] Should airdrops be incorporated just for the sake of it?
• [15:53] Who should decide where the development team focuses?
• [16:24] Tom answers Yana's question describing two different models.
• [19:11] Tom says the message is simple: don't worry about disruption and scale when you should focus on speed.
• [19:53] Yana wholeheartedly agrees with Tom. The focus should be on speed, and the rest will come.

Show links:

• How to get in touch with us, if you'd like to tell your startup story: Yana on Instagram, Tom on LinkedIn 

Today we talk about comebacks of ex corporate executives as startup founders, after they swapped their chauffeurs and ties for sneakers and scooters. Seasoned experienced teams may have better chances of raising money and securing initial partnerships, thanks to their credibility and networks, but is it really enough to make it in the startup world? This is not a trivial conversation, because we talk about second chances, running out of time, how monopoly is good for innovation, or why nobody gets fired for hiring IBM.  You definitely don't want to miss it - just sit back and tune in.

Today's Episode:

• [00:46] Hello Everyone!
• [00:56] Today's episode is focused on experienced executives who decided to leave the corporate world and build a company from scratch.
• [01:23] Yana talks about the pros of these executives, starting their businesses.
• [01:56] Tom gives his take on her comments and gives the cons.
• [03:16] The challenges experienced and risk-averse ex-executives often face are lack of innovation.
• [03:56] Yana talk about Peter Thiel book "Zero to One" and how competition may kill innovation. 
• [04:46] Yana asks, what does the long term future look like for these startups? Are they innovative enough?
• [07:33] Can they keep up with the 20- something teams?
• [09:01] Tom believes that where you start and where you end up are two different things.
• [09:29] Yana says that some business people feel like this is their last chance to become entrepreneurial, and sometimes they try to go to big.
• [10:34] Tom speaks about late-stage former corporate guys that took a different route.
• [13:34] Yana wants to know why they have a fascination with big consultancy firms instead of trusting their guts.
• [15:32] Wouldn't you assume or expect that they left their corporate jobs to have freedom.
• [16:52] Structure your team with various characters, and you will have a better chance to succeed.
• [17:39] Yana gives us her thoughts on creating teams and who to hire.
• [19:01] Tom says you should embrace your creativity and let go of the traditional corporate boundaries and structures.
• [20:35] Stay tuned for more good examples of corporates and creatives that made it together. If you are one, please let us know how you are doing.

Show links:

• Peter Thiel "Zero to One"
• How to get in touch with us, if you'd like to tell your startup story: Yana on Instagram, Tom on LinkedIn 

Business trends and economic cycles come and go, but most founders are utterly surprised when their StartUp or their bottom-line are impacted. In this episode, Yana and Tom discuss how to keep the focus in spite of a down-turn. And being able to pivot when new ideas seem required and old ideas don't inspire you anymore. They talk about problem-solving and how one can easily get lost in chasing outdated problems instead of curing the root cause.

Are the ways of doing business so different in different countries?  Listen in as Yana and Tom discuss the layers of business and how combining complementary ideas can make for a better business model.

Today's Episode:

• [00:46] Hello Everyone!
• [01:02] Tom and Yana discuss the topic of business cycles and trends.
• [01:15] Everyone knows there are cycles, but no one prepares for them.
• [02:29] Yana talks about being excited about new trends, but in the end, they get heavy, and you get bored.
• [03:35] They speak about the book 'The Unbearable Lightness of Being.'
• [04:31] What is the cause, and what is the effect?
• [05:14] Keeping focus versus being able to pivot with your ideas.
• [07:32] Yana chats about the warning signs she gets when she is ready to do something different.
• [08:51] Tom gives his insights into what Yana is saying.
• [10:01] Failure can be seen as an experiment that you have concluded and that you have learned from.
• [12:22] Yana discusses the problem-solving mindset and what it means to her.
• [14:37] Tom speaks about team dynamics and being able to see the target picture. Sharping your ideas.
• [16:41] When you perceive something as a problem, it is already an indication that a heightened period is gone.
• [17:51] The regular bootstrapping idea is what Tom is discussing now. 
• [19:31] Yana talks about making commitments and following through.
• [20:37] How much of your day makes up your discipline baseline model?
• [24:12] Tom thinks that having people around you that can spot your warning signals is beneficial.
• [25:05] Yana and Tom chat about the differences between Singapore and Hong Kong.
• [29:01] Tom says that the capitalist system is much more extreme in the U.S.
• [32:03] Yana talks about the American education system.
• [34:48] Is it too much of a generalization, or are there more layers?
• [36:01] Can you fuse all of the types of business in the U.S and Asia and make a better system?

Links

• The Unbearable Lightness of Being by Milan Kundera

To compromise is seen as a weakness in some, but as a strength in other societies. And often it is more due to ego than to results that people are not seeking compromises. Check out if you agree with Yana's and Tom's views or if you don't want to compromise.

Today's Episode:

• [00:45] Tom and Yana discuss the topic compromise and compromising.
• [01:43] Yana explains her views on compromise and when it is necessary.
• [03:09] She gives examples of what she means when she says she might or might not compromise.
• [05:24] Tom offers his views on compromise and explains why he says sometimes he lets his emotions rule.
• [07:51] Does being able to compromise, impact the speed of how you can achieve the result?
• [09:08] Yana believes the worst possible scenario is when you compromise because you are delaying the more significant decision.
• [10:16] Tom thinks that compromising for peace because you shy away from the conflict is always the wrong thing to do.
• [11:43] When would you not compromise and stand to fight?
• [12:54] Tom says that when you are hiring, there will be pros and cons.
• [13:42] Do you agree with the statement, if it's not a hell yes then it's hell no?
• [15:01] Younger teams and people with less experience like to have supervisors with excellent skills, but will that keep you from excelling?
• [17:48] Younger people want to try different things and go different paths; the challenge is to get them all on the same page.
• [19:34] Yana gives an example of Block.one (EOS) vs SEC  case as an industry-level compromise. [more on this here https://competitivecompliance.co/block-one-settlement-with-sec/]
• [21:45] Tom thinks that her example is a perfect example of a win-win compromise.
• [23:17] Look at compromise as opportunities to look for a win-win situation.

What makes a great team? Are they people you can talk too, are they intelligent, do they help you get things done? These are just some of the questions you should ask yourself when trying to find the perfect business soulmate. Yana & Tom discuss their experience and best practices around building excellent teams. Are business soulmates just a hyped concept and is strong leadership not simply about finding the right incentives and KPIs? Find out why being human and being successful can't be separated.

They talk about building a team and having organized team building versus small meetings in smaller intimate settings. Along with whether everything needs to be structured. They also wonder if you can be too politically correct and still have genuine conversations. Listen in to this exciting conversation about what makes a great team and how to find people you can trust to give you sound advice. If you are in the process of selecting a team, you won't want to miss this episode.

Show Notes:

• [01:28] Tom and Yana chat about what makes a great team.
• [02:01] How open can you be with your employees or team members?
• [02:33] Yana speaks about a product launch she just had and her conversation about it.
• [03:47] Three things need to come together to have a "business soulmate".
• [04:48] Yana calls her clients her extended family.
• [05:26] The book Rocket Fuel it introduces the concept of the visionary and the integrator.
• [07:18] Tom explains why he doesn't work with books that have recipes for building a team.
• [09:09] What is more important, skills, or chemistry when building a team?
• [11:01] Lying, not following through on promises, or not being reliable are red flags for team members.
• [12:05] Do you like the idea of organized events for team building?
• [13:39] Yana would rather plan smaller team meetings in a more intimate setting.
• [15:54] Personal conversation in large companies is not encouraged as much as it is in smaller companies.
• [17:15] Do we like sit-down dinners and structured meals with fellow employees or as a part of networking?
• [18:50] Yana chats about not having any structured dinner parties, especially when all your friends live in different countnries. 
• [20:01] Can you be too politically correct? 
• [21:26] Don't do what's appropriate, do what's possible.
• [22:28] They wish the listeners positive experiences.

Links and Resources:

• Rocket Fuel by Gino Wickman
• Myers & Briggs

Alvin, Tom and Yana talk about self-driving cars, artificial intelligence, the past, present and future of money, and if the changes technology imprints on society can be predicted and guided. Or whether we are merely subjects in the maelstrom of big tech and big politics.  

Show Notes:

• [01:19] Tom and Alvin have both spent part of their careers in big corporations and now they have the opportunity to branch out on their own. 
• [02:14] Alvin has gone back and forth between big companies and startups. 
• [05:20] Alvin talks about crypto and bitcoin and how it reacts with fiat currency. Crypto is more accessible than gold. 
• [08:18] Tom and Yana debate whether the world has an ecological agreement. Yana makes a point about China, India and Pakistan where there is no consensus. 
• [10:34] Access to International currency can create issues with International trade. Small businesses are the last to get access and pay the highest price. 
• [11:29] Cryptocurrency can help solve these problems for small businesses. 
• [13:24] Switzerland was one of the first countries to invent an alternate currency for bartering with local businesses.
• [14:46] Switzerland already understands alternative currency, so they have an easier path to adopting cryptocurrency.
• [15:13] Alvin points out how airline miles are traded. 
• [16:04] Crypto has an open distributed ledger that no one can cheat on.
• [17:32] Tom and Alvin discuss decentralized versus centralized currency and compare that to a self-driving car that may or may not need it's human master. 
• [19:41] Tom expounds using an example of a technology driven forest from the Ocean Protocol. 
• [20:53] Alvin poses the question of will AI evolve from autonomous to some form of being close to self-aware.
• [23:53] There may be a future where human controlled and autonomous vehicles drive on the same road, but humans will have to follow the autonomous rules. 
• [25:29] FATF "travel rule" and how to use technology and blockchain in a smart way and not replicate the current issues and inefficiencies of banks. 
• [28:02] Real innovation needs to give control back to the people.
• [29:20] The two above pieces should align over time. 

Links and Resources:

• Alvin Jiang on LinkedIn
• TenX
• Ocean Protocol